Think of a network, sitting on top of the Internet that is constructed of Blocks, all connected together in a web, with permanent information recorded into those blocks. The information collected is stored and organized on a public ledger and the way this is accomplished, is what gives Blockchain its groundbreaking and limitless potential.
Up until this point and into the foreseeable future, the Internet is recording its information on central servers. The issue with this is that the information is vulnerable to alterations, damage and other various issues. Blockchain has solved these issues in an entirely new way of documenting data on the Internet.
The Blockchain can be used to build, house and develop applications such as operating systems, storage platforms and databases, voting systems, social networks, messaging platforms, financial markets and online shops - I could keep going.
A Smart Contract is similar to a rulebook, without the possibility of fundamentally changing or bending those rules. It is a contract written in code and embedded into a Blockchain as a set of predefined conditions, expiry dates and all other types of information. If the Blockchain abides by all of these rules and conditions then the smart contract’s terms have been fulfilled.
They’re written in a programming language and behave in a “If that happens, then do this” manner. Which is a more efficient way compared to existing, traditional contracts that are more subjective and open to interpretation. This ensures the smart contracts conditions are met, every time.
Mining is the process of creating or “minting” new crypto currencies as a reward for “work”. Traditionally, the mining of precious metals and resources requires physical work, or work by large machines. Crypto currency mining however uses computers and algorithms to do all the work. Thousands of computers or Nodes connected to the Blockchain validate transactions that are made across that network at lightning speeds. As a reward for “helping out” the Nodes are rewarded in the currency they are validating/mining. These Nodes essentially make up the Blockchain and without them, it all stops.
Yes there are, and some are more efficient than others as everything must evolve eventually.
i. Proof-of-Work or PoW is a process which miners compete against each other to solve extremely complex mathematical equations and problems. If a computer can find a solution or hash, the transaction is completed and recorded, with the miner being rewarded. To do this however, requires vast sources of electricity as the equations get harder and harder to solve as more transactions are validated – requiring even more computing power and electricity as time goes on. Even though it is the original consensus algorithm for Blockchain networks, it is not a sustainable method. There are centralized PoW mining farms that are the size of football fields and larger!
ii. Proof-of-Stake or PoS is an evolved form of PoW with a few advantages in that each individual holder of the currency can mine with their own computer. Less power consumption, more connections confirming transactions, results in a more secure and faster network. In saying that though, the portion of currency held by the miner directly reflects the amount of mining power that is committed by them, and also the amount of currency that is rewarded as a result. In other words, the rich become richer. This creates a scenario where a very large holder of a PoS coin can manipulate the market, which defeats the original intentions for crypto currency.
iii. Delegate Proof-of-Stake or DPoS is similar to a digital democracy. A number of delegates are selected and/or voted in by the community to secure the network by confirming transactions. These delegates are encouraged to run nodes and are paid for their work in rewards but can also be removed should they under perform or be damaging to the networks integrity. DPoS works because it is able to flush out underperforming delegates and replace them with newer more valuable members. The network is highly dependent upon active voters in the community therefore education about this system is vital to the longevity of a DPoS currency. The voting power to choose a delegate is determined by how many coins a community member holds, the more currency they hold, the larger their voting power to choose a delegate. The process that delegates validate transactions in DPoS isn’t called mining, but “forging”.
Yes it does. DPoS has been successfully used in other Blockchain’s and it is the least centralized algorithm compared to the others, as it allows everyone in the community to contribute if they choose to. PLKX has 101 delegates at any one time, and they are all incentivized to run their nodes to receive rewards from network transaction fees as well as monthly rewards for maintaining the PLKX Blockchain. These monthly rewards gradually reduce over time, and each PLKX holder will be eligible to cast a vote for whomever they believe should become a delegate.
Much like your actual wallet with money and your credit cards, a Blockchain wallet is a digital wallet where digital assets are stored for safekeeping, transactions and some times transportation. Imagine an application or program that you login to, to enable you to see, interact and transfer your digital assets or coins. A wallet typically displays balances of the currencies held, recent deposit and withdrawal transactions as well as wallet addresses, which can be generated multiple times as required for each currency. Most wallets will also display a QR code, which can be scanned like a barcode for easier transactions without having to physically enter in an address.
In a Peer-to-Peer or P2P network, each individual user of a Blockchain is considered to be a peer. A peer is a computer or node connected to the network with each node being equal; altogether they provide the foundation of a network. A portion of disc space, processing power or network bandwidth is provided directly to other participants, without the need for any central hosts or servers.
Although nodes are all equal they can perform and take on different tasks within the Blockchain ecosystem. One of these roles is a “full node” or miner. Full nodes receive a copy of the entire Blockchain onto their single device while connected to the network, constantly updating and downloading the most current versions of the Blockchain. The advantage? Any information that has been recorded cannot be altered, lost or destroyed. To do so would mean destroying each and every single node on a network. Therefore, as long as a single node with a copy of the Blockchain exists, all the existing records would remain intact, which would provide the opportunity to rebuilt that network from the existing data.
Decentralized Applications. DApps are digital applications that exist and run on a Blockchain or P2P network of nodes, using the Blockchain to store data and provide trustless interactions between users and the rest of the network. Applications could include various software programs and interfaces, games, Internet browsers, live video streaming and conferencing and the list goes on.
Phaeton is a decentralized Blockchain that utilizes DPoS, DApps and Smart Contracts.
Phaeton uses Delegate Proof-of-Stake (DPoS) as it consensus protocol.
Phaeton is a semi-public Blockchain, meaning that PLAAK will retain some private nodes. We do have provisions however, for users to enroll as a delegate for a small fee and run their own private nodes.
Setting up a node on Phaeton is easy. Simply enroll your node with Core Management, and then you will be added to the peer list. All that is needed is to download the code from our source repository and you’re ready to go.
The stakeholders or PLKX holders in the community elect the delegates. Each holder has the right to vote for any delegate and their vote weight or strength is determined by the amount of PLKX they are in possession of. There is a fixed amount of 51 delegates and any stakeholder can vote for a delegate through a vote transaction.
Becoming a delegate is relatively easy; a small fee is required to register as a candidate. The fee is much smaller than in other DPoS projects because PLAAK do have a say in who becomes a delegate.
Creating a wallet is as easy as logging into your web wallet application and register as a user. From there you will be given a public address and your passphrase. Enabling you to send and receive funds.
For all PLKX related transfers within the PLAAK Ecosystem fees will be capped at $ 1c USD AUD per transaction no matter how much you are sending or receiving. These fees are separate to our exchange fees.
PLKX is the currency that is used to send and receive payments for goods and services within the PLAAK Ecosystem. Customers using the Freelance App will be able to pay contractors or purchase decentralized goods from our E-market App, as well as a range of other applications. PLKX is also used for transaction fees throughout the Ecosystem at a small, capped rate per transaction.
PLKX is available for purchase on the PLAAK Exchange and is available to trade across all listed pairs. We are offering our US and Japanese customers an OTC option soon.
We will be holding a swap from PLK to PLKX with a ratio of 1:5. Please get in touch with us should you require further information.
The total supply of PLKX is 500 Million (500,000,000).
To earn PLKX simply hold PLKX in either your PLAAK Exchange or Phaeton Wallets, staking rewards will be automatically credited to your account. The reward amounts will vary depending on the amount of PLKX you are holding. Simple!